Skip to main content

tv   Bloomberg Pursuits  Bloomberg  April 6, 2014 2:00pm-3:01pm EDT

2:00 pm
>> pursuits. for some, they are more than hobbies. they are passions cultivated over a lifetime. >> we are trying to tackle the problems of what is going on in the oceans. with wealth comes gigantic responsibility. >> meet the financial elite who don't just own luxury. they have mastered it. >> the picasso market. >> it has outpaced the stock market. >> it is as blue chip at any stock could possibly be. >> get an inside look. >> i can take your greatest ferrari and turn it into something else that some people may like more. ♪
2:01 pm
>> to money manager jim glickenhaus, a top of the line ferrari is a car begging for an upgrade. he ripped apart and reconstructed two ferraris. he races one at the 24 hour race, one of the most dangerous racing circuits in the world. i am in his garage in tarrytown, new york, to see his collection, ride shotgun and find out what fuels his passion for burning rubber. >> wow. >> now did you feel the car there? >> yes.
2:02 pm
>> that is the traction control. >> almost like you are flying
2:03 pm
for a second. this 650 horsepower machine exists nowhere else in the world. jim glickenhaus custom designed the car using the ferrari p 3/4 series as inspiration. >> ferraris to me were always the most beautiful, fastest cars. >> love it! >> you are getting a lot of looks from this car. >> i am sure there are at least four shots of us on the internet already. >> today we are driving the original custom ferrari, which is still blindingly fast. it accelerates from 0-60 in just three seconds and can reach top speeds of 233 miles an hour. >> to get one of these out on
2:04 pm
the highway, and you get a really slow driver in front of you, does it drive you crazy? what is it like driving such an amazing car on such pedestrian, regular roads? >> there are places that you could use them. in italy there is such a love of these cars. shall we say, they are a little more "tolerant" of you exercising the cars perhaps in the manner they were once driven. >> do you like to drive? >> it is just an experience for me, especially with my work, where i can be in sort of a different zone and not staring at a computer screen or having 12 people yelling at me. i enjoy it.
2:05 pm
>> how does jim afford these ferraris? success on wall street and in hollywood. he directed high octane action flicks in the 1980's, including the indie hit, "the exterminator." >> to go from writing and directing hollywood movies to managing money on wall street. how did you make that transition? >> i wanted to retire, and i was successful. but you know, getting stoned actresses out of winnebagos at 3:00 in the morning is more fun when you are 20 than when you are 40. >> so, 15 years ago he joined glickenhaus and company, an investment house in manhattan founded by his father. >> jim came to me and said, "dad, the party is over in movies, can you use me?" >> seth glickenhaus is 98 and until recently worked at his firm four days a week. he recently decided to transition the $900 million in the company's management to newberg-betterman. jim will stay on as senior
2:06 pm
consultant. >> is there any skill set applicable in terms of the cars and in terms of what you do on wall street? >> it is the ability to look at something and to say, "this is really a very valuable thing. and one day it will be even more valuable." >> so far jim has put together a very valuable car collection. he owns 16 sports and luxury models, including six ferraris, and he keeps most of them on show in this heated 8,000 square foot garage. ♪
2:07 pm
2:08 pm
>> jim glickenhaus has spent 40 years and $20 million restoring and improving the cars in this collection. >> how did you get so into cars? >> when i was 16 or 17 in 1966 and 1967 there was the great ford-ferrari wars at lemans. >> this is the ford mark that won this race. it is the ferrari that won the 24 hours of daytona. these guys raced each other and they get along ok. you know? >> there's a story behind every
2:09 pm
car here. the lone love was part of andy warhol's fleet. and steve mcqueen raced this buggy. >> how long does it take to restore a car? >> it depends on the condition, this car has taken us about four years. >> with $20 million and untold hours invested in these cars, how do you protect them? >> in terms of stealing them, they are really unstealable. they are so well known, who could you sell them to? >> as much as jim loves the prefabricated cars in his collection, he still wants more from a sports car. >> there was a period when people were saying that the new ferraris aren't pretty anymore, and we don't understand them.
2:10 pm
>> i have been a collector for a number of and one day i got a call from pininfarina. >> this was an outside work shop. the head designer he wanted to prove he could still make a pretty ferrari. that designer turned to jim, offering to make him the ultimate car. >> he needed to find someone who wasn't afraid of annoying ferrari. it was a pretty radical idea, and they did get extremely annoyed at it. the thing was i didn't care. what can ferrari do to me? >> jim spent a year conceptualizing the car. starting with the classic enzo ferrari and bringing it up to date. >> the idea of this was to be a modern interpretation of the great ferrari sports racing cars from the 1960's, but to make if a very functional car. >> he wanted to call it the p 4/5 ferrari. >> oddly enough, ferrari and many italians come to respect people to stand up to them. >> ferrari declined our request for comment, but the company's actions speak for themselves. ferrari sent its chairman, luca cordero di montezemolo, to personally vet the car and decided jim could call it a ferrari. >> but why? how does it affect him? >> this project was starting to
2:11 pm
get publicity. and there was the audacity of basically saying i can take your greatest ferrari and turn it into something else that some people may like more. >> and ferrari fans do like jim's custom car, a lot. partly because he posts every step of his design and assembly online and invites their input. >> there are 100 million entries on the ferrari. you get feedback. it is not that you accept what people say, but you listen to them, and it makes you think about what you want to design and what direction to go in. >> i think sharing is with
2:12 pm
friends and people is one way that my dad has been really humble. >> jesse has worked on the design with his father. >> he said we are lucky to be custodians of the annals of history. >> the car they built looked so classically ferrari, the company decided it had to acknowledge the p 4/5 as part of the fleet. emboldened, jim and jesse designed a second ferrari in 2010. for the engine they used parts from three different ferraris. they unveiled it at the infamous 24-hour race last year. the car was treated like a rock star. >> people's reaction to it is what is exciting. people really seem to love it
2:13 pm
and enjoy it. they show up, and we let them into the pits, and they take pictures, and we have a good time. >> but the attention drove ferrari management crazy all over again. >> but you don't sell the cars. >> well, it is not really that. they came back and said you can't put ferrari badges on that because you are going to merchandise the car and get sponsors. the only reason anybody would sponsor it is because it is a ferrari, and if you sell models of it, you are trading on our name. i said no problem. i took the ferrari badge off the nose and put my family's badge on it. none of the sponsors cared. >> under its new identity, the car was ready to challenge the factory teams at europe's most notorious race.
2:14 pm
this course is known as the green hell. each lap is over 15 miles long, and every year there are multiple casualties. on race day, 2011, jim wasn't behind the wheel of his car, but he saw how dangerous the course can be. 200 cars racing alongside the p 4/5 on crowded asphalt. at almost the half way point, another car smashed into the p 4/5. >> we got hit in the rear and were in the pits for three hours. but we fought back out. >> despite the accident, the p 4/5 finished second in class, 39th overall. >> one of the greatest thrills i have ever had, after we finished the 24-hour race, they gave our family a constructor's trophy. we said we are going to be back. >> this year he did come back with a new green braking system that allowed the car to harvest energy as it slowed around turns. and it finished first in class, 12th overall.
2:15 pm
it's a win that makes the p 4/5 car the jewel of jim's collection. >> can someone who really likes your car and has seen it race go out and buy a version of that? >> no. i have been offered incredibly stupid amounts of money by various people to buy it -- >> what was one of the best offers? >> it turned out it was one of the members of the saudi royal family. it was like $40 million, which is just completely stupid. i am lucky to be able to afford to own them. >> you are not going to sell them? >> i am never going to sell them. when i die, my kids will have to pay inheritance tax on them. will they sell them on ebay? i don't know.
2:16 pm
luckily i won't be around to know. >> stay tuned for tips on how to beat the manhattan art market, and a weekend away with richard branson. the virgin c.e.o. introduced me to some super-sized friends. ♪
2:17 pm
2:18 pm
>> you can't drive this next pursuit, but you can bring it home with you. we talked to legendary art collector, ronald lauder. >> it is a question of taste and passion. >> and his top advisor, phyllis hattis, gives us an insider's tour of today's market. >> it sounds like you are telling me not to buy it. >> i am telling you to take your time. >> ronald lauder is heir to the famed estee lauder cosmetics fortune. he started collecting art at age 14 and has amassed one of the most impressive personal collections in the united states. >> these are picasso. >> all picasso. >> this year he displayed it for the first time at this museum he
2:19 pm
founded on the upper east side. >> what inspired you? >> the most important art is tough art, art that is brutal. to me, art is never about investment. there has always been a passion. >> an expensive passion. lauder's passion made headlines when he purchased this gustav klimt portrait for $135 million. >> it is a question of taste and >> how would you know what would really be a magnificent addition to what you already have? >> how does a woman know which man is right for being a husband? >> wow, this really is a passion. >> you look at it and say, that is right. you say, that's right for me. >> he is also guided by trusted advisors. phyllis hattis is a well-known
2:20 pm
art collector herself and widow of legendary museum curator william rueben. she has known ronald for decades and has bought him hundreds of lithographs and paintings over the years. >> she is one of the few people i have listened to as far as following their taste also. >> you trust her? >> yes. usually my ego won't let me do that. >> so nice to meet you, phyllis. >> phyllis offered to give me an inside tour of the manhattan art market, starting with her own collection. >> wow. this is unbelievable. i don't even know where to look. >> to phyllis, it is not just what she puts on her walls, but what she places beside it that matters. she has a personal connection with some of the artists and likes to take their preferences into account. >> well, bill knew picasso and had -- >> bill, your husband? >> -- my husband, and had maybe 20 visits with him. they talked about the influence
2:21 pm
of tribal on picasso. >> phyllis' late husband was curator at the museum of modern art for over 20 years. he passed away in 2006, but that didn't stop her from growing the collection and investing in picassos like this one. >> it didn't look very astounding, but i thought and knew wow, that's for me. and it had a reasonable estimate of $100,000 to $150,000. i had to bid three times that at least to get it. >> are you certain you could get that money back if you were to sell this today? >> i think so, yes. >> more? >> yes. >> than you paid for it? >> yes. >> almost all of these works
2:22 pm
have turned out to be good investments. since 2003, works by picasso have roughly doubled the return on equities. >> it has outpaced the stock market. >> it is as blue chipped as any stock could possibly be. >> have there been down years? >> not for the best of picasso. >> but is it still possible to build a collection like this today? >> the picasso market, is it very expensive? >> you can go over $100 million. but you could also start at a human level with great prints by picasso. >> these are more reasonable? >> these are what i call affordable picasso, the best of their kind, on average under $200,000. >> we have seen bubbles in the
2:23 pm
tech market and the art market. how do you guard against buying something at an inflated price and seeing its value depreciate? >> you have to know enough to go for quality. that is your only protection. >> after the break, phyllis and i head to the galleries in new york's chelsea district to test my eye. >> "pursuits" is presented in collaboration with bloomberg magazine's fall issue, on sale now. ♪
2:24 pm
2:25 pm
>> it is an insider's tour of chelsea. we are exploring manhattan's hottest galleries. >> we are looking at a 1975 painting by roy lichtenstein. >> i am having a hard time seeing it. what is the price? >> this is $3.5 million. >> i like the silver paint. but aesthetically, it is not like something i look at and say wow, this is worth millions of dollars. it is lines and looks like something who was a text tile artist could come up with. >> so you see it more as design than as art. i would challenge that, but we will keep looking. >> next we hit gagosian, the world's largest fine art dealer, and we get a backstage tour of the new york exhibition as it is going up. >> this is a german contemporary artist who began in the 1960's in east germany behind the iron curtain. >> any idea what it costs? >> between $600,000 and $800,000. >> if i were your client, what
2:26 pm
would you advise me? >> i would say take your time to look at these more than once. >> is that another way of saying don't buy it? >> and see how it holds. >> so it sounds like you are telling me not to buy it. >> i am telling you to take your time. >> the people that are new to the art investing community run the risk of being taken. i think having someone to work with gives you a security and a crutch. it is a big, tough market. so you wear a lot of hats. you collect art, you deal art, and you advise on art. are any of those in conflict? >> maybe inner conflict. but if i am working with a client for a client, and i find something for him or her, i offer it to them first.
2:27 pm
>> are there any mistakes you have made in your collection? >> yes. of course there are plenty i regret. but i keep thinking there is always something ahead. >> i've yet to find an artist i really like, so phyllis adds one more stop to our chelsea tour. this is the pace gallery with an exhibition of the late artist georges dubuffet. >> i love the color and there is such intensity. >> i would like to move to the smaller works. look how we they project from 50 feet away. >> they jump off the wall at you. >> i know living with them would be great joy. and their price range is reasonable compared with what we have been looking at. >> what is reasonable? >> it starts at around $250,000 and goes to around $700,000. >> my enthusiasm has give her an idea. phyllis hattis invites ronald lauder to view a few of these paintings in her collection. >> this is probably the best, as you know. >> this is the best. >> and she has a second early painting to show him. >> it really does look like a wall. >> i like the way he factored in the teeth and the mouth. >> but it was the first painting that has really caught his eye. phyllis says it is worth $10 million, and she is waiting for him to bid that. >> some paintings i have known for 20-30 years before i could
2:28 pm
buy them. part of the passion is the chase. >> what do you get when you bring a mathematical genius into the kitchen? we will find out after the break, when nathan shows us how to take food into the next dimension. >> never do this. never. ♪
2:29 pm
2:30 pm
2:31 pm
>> meet nathan myhrvold, a legendary innovator and former chief technology officer at microsoft who trades in big ideas. now he is bringing his curiosity to the kitchen, and cooking will never be the same. welcome to intellectual ventures, an invention lab north of seattle where nathan likes to work and play. he is a polymath who has studied under stephen hawking. that is the brain he brings to the kitchen. >> ultimately our whole approach is about loving food and loving the process of how you take that food and do with it something that is really going to be amazing. >> for nathan, amazing food is that which is subject to rigorous scientific testing. he published his discoveries in a six-volume "bible of modernist cuisine" last year. it costs $625, and so far he has
2:32 pm
sold 45,000 copies. >> why did you decide to write a cook book? >> great naïveté. it took five years and 2,400 pages. >> doesn't it weigh -- >> 40 pounds. my favorite statistic is in one copy there is four pounds of ink. >> but he is not satisfied. his team is now testing a stack of secret recipes, including savory fudge and modernist take on macaroons -- all hints that his next book may be on desserts. >> normally you might not use liquid nitrogen, but we do. >> it is not just his cooking
2:33 pm
style that is scientific. he uses ingredients more commonly found in the lab. >> it is 321 degrees below zero fahrenheit. never do this. never. this is a bad idea. or play with it. >> now i really want to do it. >> go ahead. >> it is really cold. how does one come across liquid nitrogen and use it in one's kitchen? >> it costs less than bottled water, believe it or not. >> what has been the reception of the traditional foodies? are they welcoming this technology? >> some say cooking should be
2:34 pm
about soul and art and get this liquid nitrogen out of here. but then you put baking soda and baking powder in your muffins, and that is a pretty technical thing. >> not as technical as his steak. he starts by cooking it in lukewarm water for hours. then he introduces the liquid nitrogen. >> we are going to freeze it to create a barrier. we are going to deep fry the outside of the steak while using the liquid nitrogen from the inside of the steak getting too hot. >> he repeats this three times. >> it achieves something different than grilling. often when you slice a steak, the outside is brown, you see a layer of gray meat, and then the inside is rosy or red. >> that is beautiful. that is not too rare for you? >> no.
2:35 pm
>> you would cringe if i told you i ate my meat well done, right? >> you would have less benefit from this technique if it is cooked beyond recognition. >> for his french fries, nathan found this machine designed for blasting dirt particles from fine jewelry. >> put it in for just a moment. feel that tingling? >> i do. >> it starts tearing the potato up. and the more it tears the potato up, the crispier the french fry gets. you won't find any burger joint that has these fries, but maybe
2:36 pm
some day you will. >> now the moment of truth. >> wow. those french fries are great. really, really, really good. >> in case you couldn't tell, nathan isn't a newcomer to this field. during his tenure at microsoft, he worked nights as a chef. >> have you always been into cooking? >> when i was nine years old, i told my mother i was going to cook thanksgiving dinner and she couldn't come in the kitchen at all. i got cook books and i did it. i do a better job today than i did then. >> after the break, nathan takes a buzz-saw to some of the world's most expensive cooking equipment, and why he says fine wine is best served from a blender. ♪ cooking? >> when i was nine years old, i
2:37 pm
2:38 pm
>> i am at intellectual ventures with nathan myhrvold, an invention lab that nathan co-founded in 2009. here scientists are designing laser guns to zap mosquitoes, and climate control. >> do you see yourself as a modern-day thomas edison? >> i am hoping to do something slightly different. edison's labs were really about one guy, thomas edison. what i am trying to do is create an environment and company that is about lots of inventors. i am not on every patent. i am not the inventor here.
2:39 pm
>> but this place is not just about inventing. patents are at the core of the business. he has amassed so much intellectual property that the press sometimes calls him a patent troll. >> they say this is unfair, nathan is out there acquiring all these patents on everything. how can i create anything when i have to pay a heavy fee to a company like intellectual ventures because they have the patent on it? >> there are companies that have gotten used to not paying. they have gotten used to a situation where a university owns that or a little start up owns it. a start up will never come after us. so, it's okay. we can stiff them. >> as ceo, how much time does nathan really get in the kitchen? >> it is only a fraction of what we do. most of the reason i dress like this and work like this is because i love doing it. >> when nathan can't be here, chef maxime bilet takes over the >> but this place is not just about inventing. patents are at the core of the experiments.
2:40 pm
he is co-author of his cookbooks, and walks us through some of their favorite concoctions. >> we are going to make a gelato for you. >> to be clear, this is ice cream made with no eggs and no cream and will get mixed as incredibly high speeds with a machine built for biochemistry experiments. >> viola, the creamy essence of pistachios. >> check out what maxime does to the chicken. it hangs by its feet for three days. only then does it enter an oven which is the hotter than the ninth circle of hell. >> it is getting amber. this is a hot chicken. >> it gives slow cooking a new meaning. >> really nice. perfect. >> to illustrate how the recipes work, nathan takes some crazy
2:41 pm
photos. to get a shot like this, he slices his pricey cooking equipment in half. no food or drink is safe from nathan's questioning mind and outlandish experiments. >> this is a great bottle of wine. we are going to pour it into a blender. >> this seems sacrilegious to me. >> it is particularly sacrilegious. there are two reasons to do this. one, it takes the benefits of decanting and makes them much more so. the other reason is it freaks people out. >> have you always been a risk-taker? >> yes. including that thanksgiving dinner when i was 9. that was risk taking, let me tell you. >> and the risks are paying off. it is hard to believe food this good is cooked in liquid nitrogen and a jewelry cleaner. >> it conjures up the image, forgive me, of the mad scientist. right? >> you say that like it is a bad thing.
2:42 pm
>> you are right, it is not a bad thing. >> crazy ideas sometimes work. the technological society that we have is built on a foundation of those crazy ideas that work. >> next, an adventure on the high seas with one of the world's great daredevils, richard branson. ♪ >> i've always felt that it is he is co-author of his
2:43 pm
2:44 pm
>> i've always felt that it is more fun to say yes than to say no. >> he's a man who likes to test the limits of what man can do at work and at play. he lives to explore. from outer space to the deepest reaches of the ocean. >> there is certainly an adrenaline rush when you're out there. >> i am joining richard branson, c.e.o. and founder of the virgin group for an underwater adventure. >> my goodness. this is beautiful. >> so are you. >> this is branson's 105-foot
2:45 pm
luxury catamaran. today he is heading for the largest breeding ground in the world of humpback whales. >> the whales from all over the atlantic converge on this one atlantic converge on this one bank, and it is magnificent. >> so we will really get to see them. >> you will not only get to see them, you should get to swim with them, which is brilliant. >> fantastic. and they are not bothered by you being there? >> if they are, they will show it. >> he routinely swims with creatures of every size and shape. he was nearly skewered by this >> fantastic. sailfish. >> for richard, underwater exploits like these are more than fun.
2:46 pm
they have inspired him to start virgin oceanic, ocean exploration in flying submarines. >> it is incredible to think that only two people have been below 18,000 feet and over 500 people have been in space. >> how did you sleep? >> great. it is wonderful to wake up and see whales splashing around you. >> it is a sheltered stretch of the caribbean. shallow waters and coral reefs make it treacherous for boats and perfect for breeding whales. only four boats have the necessary permits to come here. we are on one of them. this boat is available for rent if you are willing to part with $110,000 for a week. >> you could say this is sort of the extreme 1%, the .001% of society being able to do something like this. >> it is up to us to use the
2:47 pm
privileged position we find ourselves in to campaign to save the world, to campaign to save the sharks. as long as we don't just use it for our own personal gratification, which is nice, but we actually put it to good use, then i can justify the conscience of doing something as wonderful as this. >> this is something you talked about a lot in your book really in a different way -- with business being more ethical. do you think somehow that has been lost in society? >> i wrote the book because i think if we can persuade business leaders worldwide to adopt a problem and use their business to help tackle that problem, use their
2:48 pm
about a lot in your book really entrepreneurial skills to tackle that problem, i think we will get on top of most of the problems of the world. >> he is assembling a group of ocean elders to lobby on behalf of sea creatures around the world. he is here with this whale guide, tom conlin. >> have you ever in your 22 years experience had something bad happen, a whale get aggressive? >> well, we have had whales get aggressive. i personally have never had anybody hurt with the whales out here. we are real good at when to put you in and when not to put you in. when to do it has to do with the temperament of the whale.
2:49 pm
yeah. >> after the break, what is it like to get in the water with not one, not two, but a whole family of humpback whales? ♪
2:50 pm
2:51 pm
>> the real adventure begins here. we are on tom conlin's motorboat heading out into the deep blue looking for whales. >> you have taken scared people in here before, right? >> we were down there, and we saw the most magnificent viewing of whales ever. i felt this girl grab and squeeze my hand. we squeezed each other's hand, and i realized it was a guy and not this beautiful girl that i thought it was. [laughter] guy or girl, it doesn't matter. >> there was a moment. >> after an hour we finally find a whale pod calm enough to let us dive with them. >> coming up at 2:00, there's
2:52 pm
the baby. mom is right next to her. the escort is in front of her. >> alright, i am a little nervous. >> you shouldn't be nervous. >> as soon as i put my face in the water, i see a whale bigger than a double-decker bus. >> it was swimming straight towards us. >> that's ok. hold my hand. >> that's ok. i know you are going to go straight towards the whale. >> you'll be all right. >> go, go. >> there is certainly an
2:53 pm
adrenaline rush when you're out there five feet from these beautiful whales. not many people have gotten that close to whales. you are not quite sure how they are going to react, but it is absolutely magnificent. >> did you see them? >> incredible. you are not quite sure how they full disclosure. i was a little nervous out there if you couldn't tell. >> you should never be embarrassed about being nervous. i have done a lot of bad things in my life, and i have been extremely nervous on most occasions. sometimes you are lucky enough to overcome those nerves. >> what was amazing, and i learned this in time, was that the whales didn't bother you. they were just there doing their thing. >> as long as we don't try to
2:54 pm
harpoon them or hurt them, they will live happily alongside us. it was miraculous to me, seeing the baby coming up off the mother and turning. every time i go in, i carry on until i am absolutely freezing cold. >> i know. we had to drag you out of there. >> it is not just under water that richard takes big risks. he brings the same brinkmanship to business. >> the way i approach my adventure side of my life is similar to the way i approach the business side of my life. what is the worst that is going to happen? am i going to lose my life or survive it? >> you have had some close calls. you have been rescued six times by helicopter?
2:55 pm
>> i think one of my favorite slogans is nothing ventured, nothing gained. life is so much more fun if you get out there and venture. >> he challenged some of the world's most powerful brands. he started out in the music business. then he branched out into airlines, trains, cola, health clubs, mobile phones, and after the meltdown in 2008, he even took over a major british bank. >> what made you decide to by a european bank at a time like this? >> without sounding big-headed, we had been tried and tested in other industries. the public trusted us. >> he has planned another adventure. >> we are going to look out for coral ahead. >> oh, my goodness. >> if you see any of those sort of white areas. >> that means coral reef. here we go. go to be careful what you say around this guy. [laughter] >> down in the water or up in occasions. the air, his drive to escape gravity has no limits. >> wow, it really moves up here. >> we really do feel it, don't we? >> when you think of what you
2:56 pm
would like to do next, what might it be? >> i do think that space travel could be an enormous business as well as a tremendous adventure. we believe there are millions of people -- most people would love the opportunity to go into space if they could afford to it, and if we could offer them a return ticket. >> yes, that is important. >> we will get the money up front, so that is not an issue. >> branson plans to launch the first commercial flight into space next year on his space line, virgin galactic. five hundred people have already paid a $100,000 deposit. >> decades from now, we may get
2:57 pm
you to australia quicker than it may take you to get through airports. >> he is focused on his legacy. >> 90% of my time is spent on building up not for profit ventures. >> 90%? >> yes. i have people to run the virgin groups. i am trying to use my entrepreneurial skills to tackle diseases in africa and global warming. if you are fortunate to be successful in life, it is very important to give back. >> i want to know what other advice does richard give young c.e.o.'s stuck in the board room? >> the first thing i would do as a c.e.o. is find my replacement so i can think about the bigger picture. >> some would be threatened by that. >> yes, but that is a really big mistake. look for the best people.
2:58 pm
you'll get the best out of them. >> now in his 60's, will richard branson ever slow down? >> i will never retire. i have been creating things since i was 15 years old and i will always create things. but i have never seen it as work. so, i will create something, find somebody else to run it and move on and create something else. >> what is it about whales? >> it is one of the great things of the world, to swim with these beautiful creatures, which we are going to try to encourage more people to do. >> for more, check out the latest issue of "bloomberg pursuits" magazine, available now. ♪
2:59 pm
3:00 pm
>> from pier three in san francisco, welcome to "the best of bloomberg west" where we cover the technologies that are reshaping our world. every weekend we will bring you